The Qatar Financial Centre (QFC) has signed a Memorandum of Understanding (MoU) with Turkey’s Agaoglu Group, the largest real estate developer and responsible for construction of the infrastructure of the Istanbul International Financial Centre (IIFC). The MoU will encourage efforts to develop and improve applicable legal and regulatory frameworks and develop mutual access propositions in relevant business sectors wherever feasible between both financial centres.
The pact will provide a host of benefits including proactively exposing Turkish financial and professional services firms to the QFC, and to proactively provide Agaoglu with similar support as far as institutions based in Qatar are concerned. The deal also aims to organise joint seminars and conferences on topics of mutual interest to Qatar and Turkey, as well as facilitate meetings with business delegations to promote their mutual interests.
“This agreement helps bring together two regional powerhouses to ensure the continued development and growth of the region, and further clarifies the importance of the bilateral relations between Qatar and Turkey,” QFC Authority (QFCA) chief executive Yousuf Mohamed al-Jaida said.
Highlighting that there are over 200 Turkish companies operating in Qatar with many joint ventures between Turkish and Qatari business people, he said, “This is a figure we anticipate will increase, and the QFC platform is one avenue that will help bring more Turkish companies to Qatar.”
The MoU came following a recent visit by a delegation from Agaoglu Group, which included Ali Ibrahimagaoglu, chairman; Mehmet Burak Kutlug, executive board member and chief business development officer; Fariba Graham, international adviser; P?nar Peker, international adviser; and Hasan Okur, group lawyer.
“Qatar is one the most important strategic partners of Turkey in the region, in terms of trade and investments, that believed in the future growth and potential of Turkey,” according to Ali Agaoglu.
The QFC had earlier this week said it is increasingly focusing on countries that have a strong political stand with Doha and Turkey is one among them. Recently, al-Jaida, and Sheikha Alanoud bint Hamad al-Thani, managing director, business development, QFC met with Ankara- and Istanbul-based investors and businesses looking to expand to Qatar.
Meetings also took place with government officials including Nihat Zeybekci, Minister of Economy and Commerce.
These meetings came as part of the QFC’s efforts to promote Qatar as a lucrative destination for Turkish companies.
Qatar and Turkey have always had strategic relations in many areas of co-operation, built in a strong and friendly historical relationship.
Trade relations continue to increase; in the first quarter of 2017 Turkish companies undertook 128 projects totalling $14.2bn in Qatar.
The bilateral trade volume between Qatar and Turkey stood at $834.5mn in 2016, while it stood at $634mn in the first eight months of 2017.
and to provide Agaoglu with similar support.
QFC and Agaoglu officials after signing the MoU. The pact will provide a host of benefits including proactively exposing Turkish financial and professional services firms to the QFC,
